Quarterly report [Sections 13 or 15(d)]

Business Segment Reporting - Financial Results (Details)

v3.25.3
Business Segment Reporting - Financial Results (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]                
Total revenues $ 203,085     $ 173,563     $ 586,611 $ 520,039
Salaries and related employee expenses 14,387     14,030     43,031 39,262
Water service-related expenses 16,428     11,731     36,005 36,767
General and administrative expenses 5,591     12,520     17,356 27,731
Depreciation, depletion and amortization 14,963     5,762     40,603 13,695
Ad valorem and other taxes 2,625     2,189     6,701 5,990
Total operating expenses 53,994     46,232     143,696 123,445
Operating income 149,091     127,331     442,915 396,594
Other income, net 6,088     8,086     15,649 31,249
Income before income taxes 155,179     135,417     458,564 427,843
Income tax expense 33,941     28,823     100,534 92,243
Net income 121,238 $ 116,140 $ 120,652 106,594 $ 114,589 $ 114,417 358,030 335,600
Oil and gas royalties                
Segment Reporting Information [Line Items]                
Total revenues 108,705     94,444     314,956 276,377
Water sales                
Segment Reporting Information [Line Items]                
Total revenues 44,578     36,211     108,968 113,987
Produced water royalties                
Segment Reporting Information [Line Items]                
Total revenues 32,268     27,727     90,705 76,034
Easements and other surface-related income                
Segment Reporting Information [Line Items]                
Total revenues 16,715     14,280     71,163 51,496
Land sales                
Segment Reporting Information [Line Items]                
Total revenues 819     901     819 2,145
LRM                
Segment Reporting Information [Line Items]                
Total revenues 122,265     106,648     377,343 322,165
Salaries and related employee expenses 7,298     7,182     21,727 20,127
Water service-related expenses 0     0     0 0
General and administrative expenses 3,431     10,359     10,392 21,022
Depreciation, depletion and amortization 10,453     2,135     27,279 3,641
Ad valorem and other taxes 2,614     2,189     6,667 5,988
Total operating expenses 23,796     21,865     66,065 50,778
Operating income 98,469     84,783     311,278 271,387
Other income, net 4,827     6,446     12,399 25,390
Income before income taxes 103,296     91,229     323,677 296,777
Income tax expense 22,536     19,359     70,804 63,807
Net income 80,760     71,870     252,873 232,970
LRM | Oil and gas royalties                
Segment Reporting Information [Line Items]                
Total revenues 108,705     94,444     314,956 276,377
LRM | Water sales                
Segment Reporting Information [Line Items]                
Total revenues 0     0     0 0
LRM | Produced water royalties                
Segment Reporting Information [Line Items]                
Total revenues 0     0     0 0
LRM | Easements and other surface-related income                
Segment Reporting Information [Line Items]                
Total revenues 12,741     11,303     61,568 43,643
LRM | Land sales                
Segment Reporting Information [Line Items]                
Total revenues 819     901     819 2,145
WSO                
Segment Reporting Information [Line Items]                
Total revenues 80,820     66,915     209,268 197,874
Salaries and related employee expenses 7,089     6,848     21,304 19,135
Water service-related expenses 16,428     11,731     36,005 36,767
General and administrative expenses 2,160     2,161     6,964 6,709
Depreciation, depletion and amortization 4,510     3,627     13,324 10,054
Ad valorem and other taxes 11     0     34 2
Total operating expenses 30,198     24,367     77,631 72,667
Operating income 50,622     42,548     131,637 125,207
Other income, net 1,261     1,640     3,250 5,859
Income before income taxes 51,883     44,188     134,887 131,066
Income tax expense 11,405     9,464     29,730 28,436
Net income 40,478     34,724     105,157 102,630
WSO | Oil and gas royalties                
Segment Reporting Information [Line Items]                
Total revenues 0     0     0 0
WSO | Water sales                
Segment Reporting Information [Line Items]                
Total revenues 44,578     36,211     108,968 113,987
WSO | Produced water royalties                
Segment Reporting Information [Line Items]                
Total revenues 32,268     27,727     90,705 76,034
WSO | Easements and other surface-related income                
Segment Reporting Information [Line Items]                
Total revenues 3,974     2,977     9,595 7,853
WSO | Land sales                
Segment Reporting Information [Line Items]                
Total revenues $ 0     $ 0     $ 0 $ 0